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Major oil and gas producers form Net Zero Producers' Forum

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    1st May, 2021

Context

Five of the world's major oil and gas producers (Qatar, the US, Saudi Arabia, Canada and Norway) are working together to 'develop pragmatic net zero emission strategies'.

What is Net Zero Producers’ Forum?

  • The Net Zero Producers' Forum will consider strategies and technologies which include-
    • methane abatement
    • advancing the circular carbon economy approach
    • development and deployment of clean-energy and carbon capture and storage technologies
    • diversification from reliance on hydrocarbon revenues
    • other measures in line with each country's national circumstances
  • The announcement to establish the forum was made on the day after the Leaders' Summit on Climate convened by US President Joe Biden, where several countries made commitments to deeper reductions in greenhouse gas emissions.

Qatar, the US, Saudi Arabia, Canada and Norway, collectively responsible for 40% of global oil and gas production.